There are rules on owing taxes in the state the income was earned depending on distribution schedule, but if you do it right, you can absolutely do this.

Also if you're planning a large purchase the following year for a business that you're a material participant in and bonus depreciation gets extended (it will), then it might be smart to defer more income to that year in order to take more advantage of the deduction.

It all depends on the plan's rules whether we can do these things or not though.